According to employees of the central bank, almost all of China's few hundreds of tons of gold reserves were deposited in the US Treasury, which was probably shipped to the United States in the early 1990s. China's gold production, with an annual output of100t, is now 200t, but China's gold reserve is still 600t. In the past 35 years, almost all the gold in China has been exported for US dollar bills, and the depreciation of the ratio of US dollar bills to gold in the past 30 years is amazing!
1970 the gold purchased was only about $35 per ounce, and now it is $800, which is 20 times cheaper! Even more ridiculous is that in 2005, China's gold reserves decreased compared with 2003. From 1973 to 1974, taking advantage of the international currency turmoil, Chen Yun promptly suggested to Li Xiannian to buy 600 tons of gold, which increased China's gold reserves.
Chen Yun has long proposed to store gold in case the dollar depreciates!
Chen Yun's study of capitalism soon created great practical benefits for the country. Because the dollar is decoupled from gold, the risk of inflation is passed on to all countries in the world, and the international financial market is violently turbulent. In this case, how to avoid exchange rate risk and realize the preservation and appreciation of foreign exchange reserves is a problem that every country has to consider.
Although the dollar is decoupled from gold, the function of gold as a world currency has not been lost, and Chen Yun is very optimistic about the appreciation potential of gold. 1in may, 973, Chen Yun analyzed and judged that the world's gold production now averages 22 million taels per year, worth 3.5 billion dollars. If the world gross national product (GNP) grows by 1% every year, it will be $30 billion. Of course, money also has turnover times. However, according to the ratio of currency issuance to commodity circulation 1: 8, at present, the output of gold can't keep up with the growth of commodities, let alone the industrial use of gold.
At that time, a batch of foreign exchange in China was deposited in Swiss banks. Chen Yun thinks it should be taken out to buy gold to preserve its value. In July this year, when listening to the report of Wufengxing, the Hong Kong representative office of China Cereals, Oils and Foodstuffs Import and Export Corporation, which is managed by Hong Kong China Resources Company led by the Ministry of Foreign Trade, he expounded his own judgment: the price of gold will remain bullish in the future, and the dollar will continue to "rot". Our foreign exchange reserves are relatively large, and deposit banks will suffer. In addition to importing some materials needed for production, we may consider buying gold. Please ask the People's Bank of China, the Ministry of Finance and the Ministry of Foreign Trade to hold a meeting together to study how much interest should be paid for storing foreign exchange abroad and how much storage fee should be paid for storing gold to see if it is cost-effective. Although the dollar is soft, it will remain the main international currency for a long time, and no other currency can replace it, because the productivity of the United States is still the largest in the world.
Buying gold in the rising price of gold is indeed risky. When the price of gold rose to $80 an ounce, Chen Yun explicitly suggested that banks use foreign exchange to buy gold for preservation. However, the bank thinks that the interest loss is large and uneconomical.
With rich experience and sophisticated calculation, Chen Yun did not give up his opinion easily. He suggested to Li Xiannian that instead of keeping foreign exchange in the bank to depreciate every day, it is better to buy a batch of gold to preserve and increase its value. In view of the suspicion that buying and selling gold may be speculative, Chen Yun argued that if he needed to pay later, he would sell the gold for foreign exchange. Buying and selling gold for the purpose of actually paying in this way does not belong to reselling. Li Xiannian accepted the proposal. This purchase of gold increased the country's gold reserves, which not only ensured the safety of foreign exchange reserves when the US dollar fell sharply, but also provided reliable support for the future opening up.
Information from the World Gold Council.
As of June 5438+00, 2003, the data of the top 40 countries in the world's official gold reserves are as follows (little changed compared with the current data):
According to the official gold reserve data provided by the World Gold Council, gold is still the main body of official financial strategic reserves in many countries. At present, the total amount of official gold reserves announced by countries all over the world is 32,700 tons, which is about 13 times of the current annual world gold output. Among them, the countries and organizations whose official gold reserves exceed 1 000 tons are: the United States, Germany, France, Italy, Switzerland and the International Monetary Fund. Among these countries and organizations, the United States has the largest gold reserve of 8 149 tons, accounting for 24.9% of the world's official gold reserve. The official gold reserves of the top ten western countries account for more than 75% of the global official gold reserves.
There are 32 countries, regions or organizations with gold reserves exceeding100t, mainly in Europe and North America, and only a few countries in Asia and Africa. There are 47 countries, regions or organizations whose gold reserves are less than 10 ton, which are basically distributed in Asia, Africa and Latin America, accounting for only 1.43% of the US gold reserves. From this data, we can see that countries with strong political and economic strength have more gold reserves, which shows that gold reserves are still a symbol of the country's comprehensive strength.
In addition, the proportion of gold reserves in the total national financial strategic reserves also shows that gold is still the main body of national strategic reserves, and gold reserves are still valued by developed countries in the world. The gold reserves of the United States account for 56.7% of the total national strategic reserves, while those of other developed countries such as Germany 37.6%, France 47. 1%, Italy 47.8%, Switzerland 38.2% and the Netherlands 46.6% also highlight the important role of gold reserves.
What needs special attention is that some countries implement the policy of storing foreign exchange for the people according to their actual conditions. For example, although India's official gold reserve is only 357.8 tons, its proportion in the total national strategic reserve is not high, only 7.8%. However, according to relevant data, the total private gold reserves in India are at least 654.38+00000 tons, and the private silver reserves are at least 654.38+065.438+00000 tons. Now, India is still the largest gold consumption market in the world, with an annual consumption of 600-800 tons. India is not a gold producer, and most of the gold consumed every year is purchased from the international market. In recent years, with the rapid development of India's economy, the import of gold has also increased significantly.